Expatriate Filipinos sent home the number of dollars and increased in June. It was reversing a downtrend from the previous months.
In addition, it was because of the job losses from the country’s seafarers which have been mitigated. After that, it rises in a land-based workers’ remittances, according to the central bank.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the total decline in dollars cash remittance for the first half of 2020 was reduced to 4.2 percent. It reduced from a cumulative contraction of 6.4 percent in May 2020.
“7.6% attributed in personal remittances from the overseas Philippines in June 2020. It rose to $2,737 billion, up from $2,545 billion in June 2019,” said the central bank.
“This pattern is a turnaround from their comparable rates last year from three consecutive months of decline.”
The growth in June was attributed to the 14.2 percent rise in remittances from land-based workers with work contracts of one year or more to $2.164 billion in June 2020 from $1.896 billion in June 2019.
Meanwhile, remittances mainly from sea-based workers fell by 13.1 percent from $593 million posted a year ago to $515 million in June 2020.
Similarly, in June 2020, overseas Filipino cash remittances exchanged through banks rose from $2.29 billion in June 2019 by 7.7 percent to $2.465 billion, backed mainly by land-based workers remittances.
For the January – June 2020 period, the largest share of total Filipino remittances emanated from the US at 39.7 percent. Then, it followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar, and Taiwan.
Overall, such countries’ combined remittances constituted 78.9 percent of overall cash remittances.
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